Monetizing The Metaverse: Engage Your Customers in The Next Digital Era
HotPlay’s Chief Commercial Officer, Pimsai Chichareon, along with other industry pioneers and experts discussed emerging opportunities in the Metaverse for brands in 2022 and beyond. In the seminar, Pimsai shared her views on the Metaverse future and what brands should do to state their claims. She illustrated that there are limitless opportunities lie ahead in the Metaverse and brands should get themselves prepared and be ready to monetize from these rising prospects and possibilities. Please see exclusive excerpts from the session below:
Q: How would you define the Metaverse in your own term?
A: For me, the Metaverse would include any digital experiences that happen on the internet. It is interactive, immersive and a three-dimensional virtual world. The Metaverse offers us a new framework of interaction and co-experience in any possible ways that we already have in the real world. It allows us to learn, play, connect and shop in a different experience and atmosphere. We already have witnessed some forms of the Metaverse today, through online social games, or even online video conferences and so forth.
Q: In-game advertising is a gateway to the Metaverse, what is the most exciting technology in the gaming industry that can help brands connect to existing customers or new customers in the Metaverse?
A: There have been many emerging technologies in the gaming space. One of them being ‘photogrammetry’, that helps mapping the real-world object into the game. On the other hand, we also see digital and collectable items that are primarily used in games, being transformed into real-world items.
For HotPlay, our in-game advertising platform helps brands to position themselves inside the gaming world without disrupting the fun and the artistic value of the game design. We can be certain that in-game advertising will continue to play a big role in helping to craft the digital experience of consumers in the Metaverse.
Brands can engage with audiences through reward-based campaigns that are meaningful for their time and their attention such as real-life coupons or incentives. Going forward, the Metaverse will undoubtedly become a significant opponent of brand strategy as the ecosystem continues to develop further.
Q: What is your view of the data-generated Metaverse that is being used in hyper personalization marketing given the behavior of consumers in the real-world can be different from the behavior in the virtual world?
A: Regardless of the different behavior of an individual in the real world or in the virtual world. The data generated in the Metaverse would still be very useful. Within the Metaverse, we will have multiple data points, and these can form patterns that can lead to a deeper engagement. These will not only be your personal data but also the behavioral data that includes how you engage with others in the virtual society. Such information will help brands create a stronger bond with consumers, which is eventually deeper than just the engagement at the awareness level. As a result, data-generated within the Metaverse would still offer a great benefit to brands if being used correctly and creatively.
Q: Do you see any negative aspects or concerns to the real-world businesses as the Metaverse trend is getting bigger and bigger?
A: I think social interaction in the real-world is also an important thing that we all need to keep holding on to. Regardless of how immersive the Metaverse is, it will not be able to replace the real-world traveling or the real atmosphere of getting to places. My personal take is that consumers should learn to take advantage of both worlds, instead of trying to replace one world with another world.
Q: What can brands do to quickly monetize from the arrival of the Metaverse?
A: You may have already seen players from the financial sector and other established sectors getting their footsteps into the Metaverse. With the “test-and-learn mindset”, these leading brands and businesses have already made their first move getting into the Metaverse while starting to shape their strategy to fit into the new possibility. These players see the Metaverse as a way to craft and personalize the experience of their target audience. They are learning to formulate their point-of-view and how their brand should look like in the Metaverse, learning bit by bit to exploit the new sets of opportunity. The important thing is that they will need to figure out how the Metaverse can help accelerate their brand’s purposes and long-term goals, then build on from that.
You may access the full webinar recording below for further information:
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